Surge in Oil Supply Sends Crude Futures Plunging

5/1/2013 5:13PM

Oil futures plunge after a closely watched report shows U.S. oil inventories rose to their highest level in more than three decades last week. Dan Strumpf reports on the News Hub. Photo: Associated Press.

This transcript has been automatically generated and may not be 100% accurate.

... the the ... all all you just love ... the energy industry's ballooned to think that is his was strong on this site discusses Thanksgiving itself this time ... so this was such a huge mom bought him on YouTube some Telenor as of this the number that that the interest shown was just next to the idea was it was up almost a seven million barrel increase in oil inventories which to put in perspective ... now said oil inventories in the US ... to the highest level ... are measured on a weekly bases ... in thirty one years while so we are basically swimming in oil right now he ... and assistant that and something over its finalists was legal to sell and after this that I'm the dumbest and most of all of us can use with prices look precisely a symptom of a weak economy isn't what it too partisan to move a weak economy and ... will no doubt about it a big factor here ... is the fact that ... I'm that ... that Becca economy and U S and all over the world this is week which translates directly to lower demand for oil and gasoline ... on high unemployment ... numbers is no sin so secret that that means fewer people on the Road traffic to work CNS Kesling unit ... at the same time ... another big factor here is the U S oil production has just been ... booming in the last couple of years ... there were worried near record levels and released more malt I hear record levels in the production right now in the U S a and a lot of its coming from from the midcontinent from all of these ... resources as Colorado's the coda on the West Texas in all all really in a number of places ... and and that's also ... helped to help bring down prices and hopes and even toys are and it is money investing I'm at the thing is yet to set out with union us to get quite soon in the pics and things began is independent of what a laugh cry or equivocal dislike the trades who write write exactly and and now people are actually started to talk seriously about it but it wasn't long ago when you had a number of people you know sort of sorts for people reason is the idea of of of people people people up ... we were soo lucky me my last ... carry on to the recoil yet we're going to lose I've read a peak to peak oil production is quick to hit its peak ... you know ... in that in the foreseeable future now we're seeing is basically the APUs it ... conserving voiced by by analysts which is that it actually ... is a possibility that world demand will before before production peaks ... ahh and some folks are saying that can happen within ... the state ... while ... great stuff as always tensed top ... of that is designed to increase eighty cents or one ... penny fuel more D tells all night you should read Dan's ... column on the vs day don't call